<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-01-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000761237</issuerCik>
        <issuerName>IMCOR PHARMACEUTICAL CO</issuerName>
        <issuerTradingSymbol>ICPHC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001262294</rptOwnerCik>
            <rptOwnerName>FLEMING JONATHAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O OXFORD BIOSCIENCE PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>222 BERKELEY STREET, SUITE 1650</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-01-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50286</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.35</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>45011788</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Oxford Bioscience Partners IV L.P. and MRNA Fund II L.P.</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Jonathan Fleming is the general partner of OBP Management IV L.P., which is the general partner of both Oxford Bioscience Partners IV L.P. (&quot;Oxford&quot;) and MRNA Fund II L.P. (&quot;MRNA&quot;).  As such, Mr. Fleming and OBP Management IV L.P. disclaim beneficial ownership except to the extent of their pecuniary interests therein.</footnote>
        <footnote id="F2">Pursuant to Section 2(c) of the Issuer's Registration Rights Agreements dated April 19, 2004 and June 30, 2004, the Issuer issued such shares as liquidated damages in respect of the delayed effectiveness of the Issuer's resale registration statement for the applicable period.  Of the 50,286 shares issued on January 10, 2005, 49,786 shares were issued to Oxford and 500 shares were issued to MRNA.</footnote>
        <footnote id="F3">Of the 45,011,788 shares held on January 10, 2005, 44,564,652 shares were held by Oxford and 447,136 shares were held by MRNA.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Alexia Pearsall, under power of attorney for Jonathan Fleming</signatureName>
        <signatureDate>2005-02-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
